Cross-border volume increased 15% globally, reflecting growth in both travel and non-travel related spending.
Domestic assessments were up 9%, cross-border assessments increased 15%, transaction processing assessments were up 18%.
EPS was $4.15, including a $0.09 contribution from share repurchases.
Net income and EPS increased 12% and 14%, respectively, driven primarily by strong operating income growth, partially offset by a higher effective tax rate due to global minimum tax rules.
Net revenue growth was ahead of expectations, primarily driven by higher-than-expected revenue from FX volatility.
Operating expenses increased 14%, including a full ppt increase from acquisitions.
Operating income was up 17%, which includes a 1 ppt headwind from acquisitions.
Outside the U.S., volume increased 10% with credit growth of 9% and debit growth of 11%.
Payment Network net revenue increased 13%, driven by domestic and cross-border transaction and volume growth.
Second quarter net revenues were up 16% and adjusted net income up 12% versus a year ago on a non-GAAP currency-neutral basis.
Switch transactions grew 10% year-over-year; contactless penetration now represents 75% of all in-person switched purchase transactions.
Total adjusted operating expenses increased 14%, including a 4 ppt impact from acquisitions, driven by spending on strategic initiatives.
Value Added Services & Solutions net revenue increased 22%, with acquisitions contributing approximately 4 ppt to this growth.
Worldwide gross dollar volume (GDV) increased by 9% year-over-year; U.S. GDV increased 6%, impacted by lapping of the Citizens debit portfolio migration.
AFG reported core net operating earnings of $2.14 per share for Q2 2025, down from $2.56 in the prior year quarter.
AFG returned over $100 million to shareholders in Q2 2025 through dividends and share repurchases.
Alternative investments returned 1.2% annualized in Q2 2025, down from 5.1% in the prior year quarter, negatively impacting overall investment income by about 5%.
Annualized core operating return on equity was 15.5%, despite lower returns from alternative investments.
Gross and net written premiums increased 10% and 7%, respectively, driven partly by earlier crop acreage reporting.
Net investment income excluding alternatives increased 10% year-over-year due to higher interest rates and asset balances.
Underwriting margins in Specialty Property & Casualty insurance were strong with a 93.1% combined ratio, up 2.6 points year-over-year.
Acquisitions totaled just over $230 million in Q2 across 45 properties with an initial cap rate of 7.4% and average lease term over 17 years.
Annualized base rent increased nearly 7% year-over-year to $894 million at quarter-end.
Dispositions included 23 properties in Q2 generating over $50 million in proceeds, with year-to-date dispositions at 33 properties raising over $65 million.
Free cash flow after dividend was approximately $50 million in Q2.
Lease termination fees totaled $2.2 million, primarily from an auto parts store and a full-service restaurant, both resolved quickly.
NNN REIT reported core FFO of $0.84 per share and AFFO of $0.85 per share for Q2 2025, each up 1.2% year-over-year.
NOI margin was 98% for the quarter, with G&A expenses at about 5% of total revenues and NOI, and cash G&A at 3.7% of total revenues.
The balance sheet remains strong with nearly $1.5 billion in liquidity and an average debt maturity of 11 years.
Year-to-date acquisitions reached $460 million across 127 properties with similar cap rates and lease terms.
Bitcoin mining revenue totaled $140.9 million, stable compared to the prior quarter, with a 50% gross margin, up from 48%, driven by higher Bitcoin prices.
Bitcoin production was 1,426 BTC, down from 1,530 BTC in Q1 due to global network hash rate growth outpacing Riot's hash rate increase.
Direct cost to mine was $48,992 per Bitcoin, with power costs at $37,767 (77%) and non-power costs at $11,225 (23%), the latter increased due to property tax assessments at Corsicana.
Engineering business revenue was $10.6 million, down 14% from $13.9 million in the prior quarter, with a backlog of $118.7 million.
Gross profit was $70.3 million with a gross margin of 46%, flat quarter-over-quarter.
Net income was $219.5 million or $0.65 per share, compared to a net loss of $296.4 million in the prior quarter, driven by a $477 million mark-to-market gain from Bitcoin price appreciation.
Non-GAAP adjusted EBITDA was $495.3 million, a significant improvement from a loss of $176.3 million in the prior quarter.
Riot reported total revenue of $153 million for Q2 2025, a 5% decrease from $161.4 million in Q1, primarily due to lower Bitcoin production as global hash rate grew faster than Riot's self-mining hash rate.
Year-to-date Bitcoin holdings per million fully diluted shares increased to 47.4, representing a 3.7% Bitcoin yield through June 30, 2025.
Impact of Enterprise Acquisition on Capital and Earnings Dilution
The acquisition of Enterprise Bank added approximately $4.1 billion in loan balances and $4.4 billion in deposits.
Anticipated 8% to 9% dilution to tangible capital on day 1, slightly lower than initial expectations due to contracting interest rates.
Longer-term rates contracting has led to a reduction in expected dilution and earnings accretion impact.
The final guidance on dilution and earnings impact will depend on the finalization of purchase accounting adjustments and FASB guidance on CECL double count, expected later in the year.
Dafinchi